IDBI Bank has commenced “Vikas Yatra” to promote developmental activities in the country
India's leading public sector bank, IDBI Bank has announced the roll out of its Mobile Banking facility.
This mobile banking bus commenced its "Vikas Yatra'' from IDBI Tower, Mumbai on 11 May 2011 flagged off by RM Malla, chairman and managing director, IDBI Bank.
Mobile banking facilitates the usage of modern banking facilities to millions of people across the country. A bus has been converted into a mobile ATM for this purpose. As part of this initiative, the Bank has commenced "Vikas Yatra" to promote developmental activities in the country.
Speaking on this occasion, Shri R. M. Malla said "We are proud to be part of this technological evolution and will continue to play a pioneering role in promoting development of this great nation and its people, in harmony with the nation's plans and priorities. IDBI Bank believes in offering novel services to its consumers, keeping in view a holistic societal development perspective. The ongoing "Vikas Yatra" reiterates this philosophy of the Bank."
ARSS Infrastructure Projects profit after tax (PAT) for FY10-11 is up by 25% to Rs 112.17 crore against Rs90.07 crore for FY09-10
Bhubaneswar-based ARSS Infrastructure Projects said that its income from operation for the financial year ended 31 March 2010-11 stood at Rs1,249 crore against Rs1,006.55 crore for FY09-10. The profit after tax (PAT) for FY10-11 is up by 25% to Rs 112.17 crore against Rs90.07 crore for FY09-10.
Basic EPS stands at Rs75.57 compared to Rs70.48 for the corresponding previous year.
The company has recommended a dividend of 10% (Rs1 per share of Rs10 each) on the paid up capital of the company for the year ended 31 March 2011 subject to the approval of the members at the forthcoming AGM of the company.
The results for the Q4 FY11 show that the Income from operation stood at Rs389.18 crore against Rs401.29 crore for Q4 FY 10. Similarly, profit after tax (PAT) stood at Rs 35.28 Cr. for Q4 FY11 as against Rs 40.13 crore for the corresponding quarter of last year.
Sunil Agarwal, CEO, ARSS Infrastructure Projects Ltd. said, "I am pleased to note that ARSS has emerged stronger in FY 10-11 compared to FY 09-10. We will continue to emphasize more on strategy with discipline in execution which will help us to strengthen ARSS' services nationally while maintaining profitability. We promise to continue delivering maximum value to the growth of all our clients and stakeholders."
After Mirae’s India-China consumption fund, DSP BlackRock is bringing a China fund
Mutual funds with investments in foreign stocks are in great fashion. A number of fund houses are planning to raise money domestically and invest in overseas securities. DSP BlackRock Mutual Fund aims to scale up its existing kitty of international funds. So while it has filed offer documents for three funds, it is planning to launch an entire suite of its global funds.
The fund house has sought approval from the Securities and Exchange Board of India (SEBI) to launch its DSP BlackRock New Energy Fund, DSP BlackRock Latin American Fund and DSP BlackRock World Agriculture Fund. And now the fund house may launch a China Fund.
DSP BlackRock China Fund will funnel money into BlackRock Global Funds China Fund (BGF-CF). The scheme may, at the discretion of the investment manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.
Foreign funds can help us in diversifying our portfolio, but it is debatable whether actively managed funds of specific countries are worth it. It exposes our portfolio to some unusual risks. The investment theme is attractive on paper. After all, on a per-capita basis, China is still one of the poorest countries on the planet. The Chinese government's investment plans are grand. They include a 2 trillion yuan ($250 billion) splurge on railways, including several new subway lines in Shanghai, in the next five years, 25,000 km of expressways by 2015 and an additional 21 nuclear power stations by 2020.
All this may power economic growth, but whether it will power Chinese stocks and when is a question. Over the last 10 years, India's Sensex has gone up by 18% and Shanghai Composite is up just by 3%. Nobody can say that China is not booming, but its stock market is down in the dumps, unable to beat inflation. Maybe that is a good reason to bet on Chinese stocks!
The scheme will be benchmarked to MSCI EM China 10/40 index. The one-year return of BlackRock Global-China Fund is 16.52% and 12.39% since inception. The benchmark has given a one-year return of 12.97% and 8.41% since inception.